NEW YORK – French bank BNP Paribas has agreed to pay a $246 million fine as part of a settlement with the Federal Reserve over allegations that bank employees manipulated currency markets.
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The bank announced the Federal Reserve settlement on Monday. Previously, BNP Paribas had agreed to pay a $350 million fine in an agreement with New York regulators.
Regulators have said that between 2007 and 2013 at least a dozen BNP Paribas traders manipulated the foreign exchange market, using chat rooms and fake trades in currencies including the South African rand, Hungarian forint and Turkish lira.
The bank says all the employees involved have been fired, resigned or disciplined.
BNP Paribas says it has added more compliance measures and controls since 2013.